A legally binding agreement where a property owner (the lessor) grants another party (the lessee) the right to use that property for a specific time in exchange for payment (rent). leases cover various types of property, including real estate, equipment, and vehicles. They outline terms such as duration, rent amount, responsibilities, and consequences of breach. The act of leasing also encompasses the process of granting such rights. These agreements protect both parties involved and establish a framework for property usage and financial obligations.
Leases meaning with examples
- The company signed multiple leases on office spaces in the new commercial development, hoping to capitalize on the prime location and attract new clients. The carefully drafted agreements outlined the rent payments, maintenance responsibilities, and the duration of occupancy, ensuring a secure and stable environment for operations.
- Before moving, Sarah reviewed several apartment leases to find one that fit her budget and needs, focusing on the length of the agreement and the pet policies. She compared the terms, considering the move-in fees, the potential for rent increases, and the consequences of breaking the agreement.
- The car dealership offered attractive car leases, allowing drivers to use vehicles for a set term with periodic payments. The agreements detailed mileage restrictions, maintenance requirements, and the end-of-lease options, providing flexibility and reducing the financial burden of ownership for many customers.
- The farmer negotiated a land **lease** with the landowner, securing access to fertile fields for crop cultivation for the coming season. The contract stipulated the rent amount based on the acreage, along with the terms regarding irrigation, maintenance, and the duration of the cultivation agreement.
- The property manager carefully reviewed all existing leases, ensuring that all tenants adhered to the established rules and paid their rent on time. The management team addressed issues like late payments and property damages, upholding the terms specified in each individual contract.
Leases Crossword Answers
4 Letters
LETS
5 Letters
RENTS
6 Letters
EASELS